U.S. housing starts corrected sharply downward in June 2023, demonstrating a lingering weakness in an important economic indicator, according to the latest Madison’s Lumber Report. A silver lining woven in the June 2023 domestic housing market analysis is the indication that stability in real estate seems to be returning.
Released on July 27, the report shows that both housing starts and new home sales are at a better equilibrium than the volatility of the previous few years. The momentum of demand for housing appears strong, especially for existing homes, even as interest rates on 30-year fixed-rate mortgages climb.